Glen Cove IDA Projects

VILLAGE SQUARE

RXR Glen Cove Village Square LLC is a 2.5 acre, five story mixed use project located in the heart of our downtown on a large public plaza (.376 acre). This project will have 146 new residential units (13 workforce units), approximately 15k sf of retail and 1,900 sf medical office as well as 171 parking spaces on-site and 69 additional parking spaces in City owned parking garage for a Payment in Lieu of Parking (PILOP) fee of $207,000 with additional annual payment of $58,500 for use of up to 75 parking spaces.. The project will attract tourists, diners, shoppers, and the developer is dedicating certain parcels for the City’s public use to continue with the tradition of Downtown Sounds, holiday celebrations, parades/events, etc. The abatement began in August 2017 with demolition of first building in September 2017. Planning Board approval was received in September 2017 and vertical construction photos taken September 2018 are depicted (above).

IDA approved Payment in Lieu of Taxes (PILOT) on 8/22/17 whereby proposed taxes will be $183K (20% greater than the existing taxes received by the City) and will remain at that level during the first three years of construction; the following 15 years will increase the taxes by 2% annually whereby the PILOT will then become 35% greater to $246K. Sales tax/mortgage recording benefit increased to $2,227,830 on 9/25/18 due to adjusted construction budget.

In addition to the creation of approximately 300 construction jobs as a result of this project, the economic impact to the City of Glen Cove generated on this project estimates that as a result of household spending of new residents through the addition of 146 units in Glen Cove, 34 net new jobs (33 direct/1 indirect) will be created with $1.2M in earnings and $3.4M in sales within the City of Glen Cove, annually.

Additionally, it is estimated that 31 net new jobs (30 direct/1 indirect) will be created to undertake property management and maintenance as a result of the project.

The combined economic impact equates to 65 jobs created through the additional household spending, operation and maintenance generating $2.2M in earnings based on $7.3M in sales.

An estimated 10 full time jobs will be created after project completion consisting of 1 management, 1 supervisory and 8 laborers.

Additionally, 225-300 construction jobs will be created in connection with the project detailed as follows:

Mixed use development with approximately 17K sq. ft. commercial below the residential units.

30% of space minimum will be dedicated to restaurant.

Project completion estimated for Spring 2020.

GARVIES POINT

Former Mayor Reginald Spinello, public officials, business and civic leaders, executives from RXR Realty and dozens of Glen Cove community members came together on 12/6/17 to break ground on Garvies Point. The event was the culmination of years of collaboration between the City of Glen Cove and RXR Realty, and marks the beginning of the $1 billion effort to reclaim Glen Cove’s waterfront for the community.

“Today’s groundbreaking is a milestone for the City of Glen Cove more than 40 years in the making,” said Scott Rechler, chairman and chief executive officer of RXR Realty. “What long has been a hope of the Glen Cove community – a vibrant, publicly accessible waterfront – will soon become a reality.”

The first phase of the project, including 28 acres of public open space and amenities and three (3) residential buildings (552 units) is expected to be complete in 2019. (See construction photos taken September 2018.)

RENDERING OF GARVIES POINT PROJECT BUILD-OUT (BELOW)

YOU OFFICE

50 Glen Street | 506-366-5555 | Hello@YouOffice.com

Private office suites located at 50 Glen St., Glen Cove, NY is a beautifully appointed free-standing building right in the heart of Downtown Glen Cove and within walking distance to public transportation (LIRR). YouOffice offers private, cost-effective work suites designed to inspire creativity, collaboration, and connections. The multifunctional office collective allows you to plug + play with 24/7 access, giving you maximum flexibility with minimum maintenance. Elegantly designed industrial chic office space offers a community where entrepreneurs and small business owners can connect while also having a private beautifully designed office to get work done. The Glen Cove IDA provided financial assistance to 50 Glen Partners LLC in December of 2015 consisting of a freeze on the property taxes for seven years with an increase of 2% each year. This project will serve the public by preserving as well as increasing the amount of permanent private sector jobs. The granting of Financial Assistance by the IDA will promote job opportunities; improve general prosperity and economic welfare of the citizens of Glen Cove.

SAMUEL R. PIERCE APARTMENTS

136 Glen St, Glen Cove, NY 11542

On December 28, 2016, the IDA entered into a PILOT agreement with Michael S. Puntillo Development Co., LLC for the Samuel R. Pierce apartment complex on Glen St. in Glen Cove. The PILOT began in 2017 and will end in 2022. Three full time jobs were reported by the management company. The tax exemptions were to help the complex make necessary repairs to the low income subsidized housing complex as well as to match their HUD mortgage.

TDG GLEN COVE LLC | AMC MOVIE THEATRE

5 School Street, Glen Cove NY 11542

On December 27, 2013, the IDA entered into a PILOT Agreement with TDG Glen Cove, LLC. The term is for 15 years and will begin in 2014. During construction 25 jobs were created and 8 full time positions post construction. The former movie theatre had been closed since April 2013 and retention of Glen Cove Cinema from April 1, 2014 through April 2017 has retained multiple jobs and kept businesses thriving in our downtown.

In April 2017, Glen Cove is very fortunate to attract AMC Theaters as we announce that they will be the new operator of the Glen Cove Movie Theater! Securing a national tenant of this caliber is a clear example that Glen Cove is open for business, and the revitalization continues to move forward.

PR GLEN COVE STORAGE, LLC

88-90 Hazel Street, Glen Cove, NY 11542

In December 2013, Men On The Move Storage, (MOTM) was sold to PR Glen Cove Storage LLC, (“PRGC”). The site is located at 88-90 Hazel Street, a valuable and highly visible location which was previously one of the abandoned Photocircuits commercial buildings. The company’s mission is to provide an easily and accessible self-storage company to the residents of Glen Cove. The IDA received an admin fee of $70,375. PRGC assumed MOTM’s PILOT for nine years beginning in 2014 and are also required to employee 3 full time employees. The total project costs for the project are $18,100,000.

NATIONAL HEALTHPLEX – d/b/a REGENCY

94 School Street, Glen Cove, NY 11542

The Regency at Glen Cove has been an integral part of the Glen Cove community since 1992, hosting educational seminars to benefit the local population. The Regency has received financial assistance from the Glen Cove Industrial Development Agency consisting of an extension of the existing PILOT for a proposed memory impairment project to include 22 memory care units and three additional assisted living units increasing the unit count from 96 to 121. The project will also create additional common space and other aesthetic and functional improvements within the building to significantly enhance the quality of life for its residents. The renovations will improve the facade viewed from School Street and Forest Avenue. The project will not impact on City services including little to no impact on the City schools, fire protection, protection, library, police and garbage disposal. The summary of benefits to the City of Glen Cove for the proposed expansion project will include 11 construction phase jobs; and permanent job creation of 16 direct on-site jobs. In July 2013 the IDA approved the execution and delivery of the Second Amended and Restated PILOT.

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FAIR HOUSING DEVELOPMENT CORP. – d/b/a STANLEY PARK HOUSES

Fair Housing Development Corp. entered into a PILOT agreement with the IDA in 2014 for seven (7) years consisting of the following: (A) the acquisition of an interest in an approximately 6-acre parcel of land located at Janet Lane, City of Glen Cove, County of Nassau, New York , and the existing approximately 50,682 square feet contained in twenty-seven (27) buildings located on the Land, together with related improvements to the project area and the acquisition and installation therein and thereon of certain furniture, fixtures, machinery and equipment ,for use as a low income housing project ; (B) the granting of certain “financial assistance” including potential exemptions or partial exemptions from real property taxes (collectively, the “Financial Assistance”); and (C) the lease (with an obligation to purchase) or sale of the Project Facility to the Applicant and agreed upon by the Agency. The Property Tax Exemption was necessary to induce the Applicant to maintain the Project as low income housing and that the PILOT payments would not be lower than the prior payments in lieu of taxes applicable to the Project.

In 2001, IDA/Avalon Bay entered a straight lease agreement to acquire 3.5 acre site located at Pratt Blvd to build a 333K sf luxury rental building with 188K sf enclosed parking. IDA bought the building fro Avalon to lease it back. The project amount was $67,836,474. With an estimated 20 full time jobs. Avalon was exempt from sales and use tax, real property transfer tax and real estate tax. They entered a PILOT with the IDA which expires in 2026.

AvalonBay

100 Glen St.

Glen Cove, NY 11542

In 2003, Avalon Bay, as part of its agreement for the Pratt Blvd project, agreed to purchase the Glen Street parcel from the City. Construction began in 2004 and was completed in 2006 with a total project cost of $25,864,145. They entered a PILOT with the IDA which expires in 2028.